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May 2021

Business News

We are making a few changes within the Woodward Markwell Group!

Currently we have two sides of the business under one Financial Conduct Authority (FCA) regulated business, these are General Insurance and Financial Advice.

We are splitting these two sides of the business into two separate businesses with their own Financial Conduct Authority (FCA) registrations and also Companies House numbers. They  will both continue to be under the Woodward Markwell Holding company that exists today. The main reason we are doing this is to be able to have Chartered Status on both sides of the business, which is important to both us and our clients  to prove our standing, professionalism and ethics. At the moment, as we are one company with two divisions, we are only allowed to have Chartered status on one side of the business even though we would qualify for having this on both sides of the business.

We hope that we can have everything in place by February 2023.

The reason for the long deadline is that we need to seek regulatory approval, and also approval from all our clients as well as Insurers. We don’t foresee any problems but we would like to do this clearly and in concise steps.

Apart from obtaining approval from clients to data between the two companies and also changes in our Terms of Business Agreement to note the new FCA number and Companies House number there will be no change to our day to day trading with clients, you will still be dealt with by your current Account Executive or Account Handler.
To read our Statement of Change CLICK HERE

Cyber Protection

We have talked often about Cyber Insurance and Protection. With the current pandemic we are seeing and hearing of more Cyber attacks and social engineering which is catching more and more of us out and costing us financially. There are various reports in the media about the Cyber criminal’s not only going for the larger corporate businesses but also for smaller businesses include ‘one man bands’.

We can offer you insurance to cover any financial losses and also liability to your clients if their data gets breached, however one of the other things you can do is protect your business by putting certain practices and protections in place.
We have teamed up with Aviva and Bewica to offer a simple service for your business at a relatively low costs, this includes:

  • Initial score on your cyber security
  • 3 months free access to the Bewica platform.
  • Your own personal platform which helps you work through Bewica’s work checklist and improve your cyber security by up to 80%.
  • Access to Bewica phishing tool which can test your employees ability to see if they pick out phishing emails, believe me this catches out many!
  • Bewica will continue to monitor your web-site and email address to see if you are being targeted, have been targeted or are being potentially ‘ghosted’.
  • Ongoing costs are relatively inexpensive and depending on size of business but would be typically well under £100 per month.

We would strongly encourage you to check out this offer. Aligned with a tailored Cyber Insurance policy we can take away the worry about Cyber Insurance going forward. Please speak to your Account Executive or Account Handler for more information about this. For more information on how Bewica works please CLICK HERE


Travel – The Great Escape

Firstly I would start on Travel Insurance as this is a ‘hot topic’ in these inclement weather times. If you are considering venturing out of the country then we would offer these handy tips:-

We  suggest taking out Travel Insurance as soon as you book the holiday and don’t leave it until nearer to when you go. An annual policy is the best option and is relatively inexpensive when compared to taking out multiple short period policies, it also removes the need to remember to take out insurance when booking your holiday.

  • Make sure your destination is covered by your policy, some cheaper policies only cover Europe.
  • Make sure if you are doing any winter sports or higher risk activities whilst away these are included or extend cover to include these activities.
  • You must be very careful when booking your holiday as cover would be void if you go against government advice on traveling, the advice is confusing from the government so I urge caution.
  • Many providers have covid exclusions on their policies so make sure you read the fine print and make sure Covid cover is included.
Woodward Markwell can provide single trip and annual Travel policies for you, your family and your business. Please do not hesitate to contact us for advice or a quotation.